| Assume that one of your eccentric friends who runs a large bank has just offered to lend you a great deal of money at about 10 percent interest, with which you may tender for all the stock of the company you are studying at the current market price. If you study the company and say 'Boy, this is terrific! Give me the loan and I'll do it. I'll quit my job and go run that company. It's a tremendous bargain,' then you probably have a good stock. |
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- Ralph Wanger |
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| First I determine themes that will be played out over the next several years. Then I identify groups of stocks that reflect those themes. |
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- Ralph Wanger |
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| Going downstream - investing in the businesses that will benefit from new technology rather than in the technology companies themselves - is often the smarter strategy. |
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- Ralph Wanger |
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| What I don't want are me-too companies that rank fifth or sixth in their industry, because their profit margins will rarely be as good as those of the industry leaders. |
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- Ralph Wanger |
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